Mozambique and Zimbabwe drive revenue and profits at Tongaat Hulett group

30 May 2012

The positive performance of its Mozambican and Zimbabwean subsidiaries of sugar group Tongaat Hulett led to a rise in group operating profit of 43.6 percent in the financial year ended on 31 March, 2012, according to a statement issued Tuesday in Johannesburg.

The South African group’s statement showed that it had posted operating profit of 1.9 billion rands, as compared to 1.3 billion rands in the previous 12 months and a net profit of 891 million rands (806 million in the previous financial year).

Turnover at the South African group rose 24.8 percent to 12 billion rands, and sugar production increased by 14 percent to 1.15 million tons, mainly due to significant increases at its operation in Mozambique.

Net profit in Mozambique alone rose 198 percent to 402 million rands and production rose 42 percent to 233,000 tons.

In Zimbabwe sugar production grew by 12 percent to 372,000 tons (333,000 tons in the previous financial year) and operating profit rose 51 percent to 354 million rands. (macauhub)